First Boot, and in the future...

OK -- you are ready to boot!

You only need to run grub-install when you first install Funtoo Linux, but you need to re-run boot-update every time you modify your /etc/boot.conf file or add new kernels to your system. This will regenerate /boot/grub/grub.cfg so that you will have new kernels available in your GRUB boot menu, the next time you reboot.